Canada Silver Cobalt Announces Interceptions of Up to 2.22% Cobalt in Castle East Update


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The excellent dosages of cobalt combined with the high grade silver support Canada Silver Cobalt’s goal of becoming a major producer of silver with significant cobalt by-products.

Coquitlam, British Columbia – (Newsfile Corp. – August 23, 2021) – Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce significant assays of high grade cobalt from its Castle East discovery where the Company completed 42,000 meters of a 60,000 meter drill program aimed at significantly increasing its 43-101 resource estimate.

With additional results provided by the pending analysis laboratories, the Company is now able to provide selected cobalt interceptions as well as previously announced silver results for the Big Silver, 17M and 50 West zones with grades ranging from up to 2.22% cobalt and 89,853 grams / tonne of silver. (2,621 ounces / tonne of Ag).

Table 1: Major cobalt intercepts for the Big Silver, 17 M and 50 West zones

Hole ID Zoned From (m) To M) Length (m) Co% Ag g / tonne
CS-20-39 B Silver 557.00 557.76 0.76 0.62 36,373.76
Including B Silver 557.00 557.46 0.46 0.00 1,496.00
Including B Silver 557.46 557.76 0.30 1.56 89,853.00
CS-20-39W1 B Silver 531.25 531.55 0.30 0.94 65.43
CS-20-39W2 17 million 540.00 541.00 1.00 0.33 74.92
CS-20-39W2 B Silver 561.73 562.14 0.41 0.92 51,612.00
CS-20-39W4 17 million 539.45 540.25 0.80 0.46 303.00
Including 17 million 539.45 539.85 0.40 0.92 252.00
Including 17 million 539.85 540.25 0.40 0.00 354.00
CS-20-39W4 B Silver 550.60 551.90 1.30 0.72 19,308.11
Including B Silver 550.60 551.08 0.48 0.00 2,097.00
Including B Silver 551.08 551.50 0.42 2.22 53,739.00
Including B Silver 551.50 551.90 0.40 0.00 3,809.00
CS-20-39W5 17 million 500.30 500.60 0.30 0.44 11:30
CS-21-50 50W 528.00 529.00 1.00 0.21
CS-21-50 50W 548.43 548.87 0.44 0.38 2,208.00

These marked areas are distinct from the Robinson area which was the basis of the existing May 2020 resource estimate. The Big Silver and 17M areas are two different structures believed to be subparallel and have a north-northeast orientation with the interception of the Big Silver CS-20-39 discovery hole located 60 m southeast of the Robinson CA-11-08 zone discovery hole. Another distinct structure located 650 m west of the Robinson CA-11-08 discovery hole is the 50 West Vein.

“With recent drilling, we have seen spectacular results in silver, notably up to 89,853 g / t silver (almost 9% silver). However, this drilling program has also been very successful on the side of the cobalt. The cobalt contents we obtained with Big Silver are even higher than our first resource published in May 2020. We believe that cobalt will remain a critical mineral in the future due to its role in the creation of high-end EV batteries, and we are ramping up our business to capitalize on cobalt and our proprietary Re-2Ox extraction process in the coming years, ”said Matt Halliday, P.Geo., President and COO.

Cobalt activities

The demand for cobalt has increased in recent years due to its use in batteries in the rapidly expanding electric vehicle sector. Research firm Roskill, in a recent report, predicts that demand for cobalt will grow at a compound annual growth rate (CAGR) of 7% by 2030 – supported by the adoption of electric vehicles around the world and a medium-term healthy demand for portable electronics in the middle of the roll. outside of 5G technology (Cobalt: Roskill opening speech at Cobalt 2021 – Roskill Conference).

The Company’s Castle Mine property, which is located in the high-grade cobalt bay area surrounding the town of Cobalt, Ontario, places it in a prime position to capitalize on this trend. In 2018, laboratory tests at SGS Canada showed that the company’s proprietary Re-2Ox closed-loop hydrometallurgical extraction process can produce premium cobalt sulfate (22.6% cobalt sulfate hexahydrate) that meets industry specifications for electric vehicle batteries. The process is environmentally friendly and does not need to use a smelting process commonly used by cobalt producers and battery recyclers. Re-2Ox tests, using concentrate from the Castle mine, demonstrated recoveries of cobalt, nickel and manganese of 99%, 81% and 84% respectively, in addition to removing 99% of the arsenic (press releases May 31 and August 15, 2018).

The Company continues to optimize the Re-2Ox process for extracted materials and recycled batteries and to determine whether it can be used for rare earth extraction. In addition, work is underway at SGS Canada for the design and construction of a Re-2Ox pilot plant. The Company expects the Re-2Ox process to be an integral part of its production of cobalt and other base metals for the expanding cobalt market.

Updating resources

Drilling underway in the Castle East area aims to identify new veins to allow significant expansion of the existing resource. The program was very successful as drilling uncovered a total of seven new high-grade silver vein systems, including Big Silver, which is even richer than the original Robinson Zone discovery. These seven new vein systems, along with any new ones discovered during the remaining 18,000 meters of the drill program, will help broaden the resource estimate planned for the first quarter of 2022.

The company’s first resource estimate (published in a May 28, 2020 press release) identified two panels of what we call the “Robinson Zone” which contains an average silver grade of. 8,582 g / t (250 ounces / ton) in a total of 27,400 tonnes of material for a total of 7.56 million inferred ounces silver. This uses a cut-off grade of 258 g / t AgEq. Please note that Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020 and a signature date of July 13, 2020.

Site

The Castle property is located near the town of Gowganda, in the prolific silver and cobalt mining district (also known as the cobalt camp) in Ontario, Canada. The property is located 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of the Kirkland Lake Macassa complex Gold and 100 km southeast of new gold discoveries in the Timmins West area. .

Qualified person

The technical information contained in this press release has been prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO) VP Exploration of Canada Silver Cobalt Works Inc., a Qualified Person in accordance with National Instrument 43-101 .

About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works Inc. recently discovered a large, high-grade silver vein system at Castle East, located 1.5 km from its 100% owned Castle mine near Gowganda in the Silver Mining District -prolific, world-class cobalt from Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intersections of up to 89,853 grams / tonne silver (2,621 oz / tonne Ag). A drilling program is underway to expand the size of the deposit with an update of the resource estimate scheduled for the first quarter of 2022.

In May 2020, based on an initial small drill program, the Company released the region’s first 43-101 resource estimate which contained a total of 7.56 million ounces of silver in inferred resources. , comprising very high grade silver (8,582 grams per ton one- or 250.2 oz / ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of about 400 meters. Note that mineral resources that are not mineral reserves have not demonstrated their economic viability. Please refer to the Canada Silver Cobalt Works press release dated May 28, 2020 for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020 and a signing date of July 13 2020.

Canada Silver Cobalt Castle’s flagship silver-cobalt mine and the 78 km² Castle property have strong exploration potential for silver, cobalt, nickel, gold and copper. With underground access to the wholly-owned Castle Mine, an exceptional discovery of high-grade silver at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on-site, a processing facility (TTL Laboratories) in the town of Cobalt and a hydrometallurgical process known as Re-2Ox (for the creation of technical grade cobalt sulfate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a leader Canadian leader in silver-cobalt space.

“Frank J. Basa”
Frank J. Basa, P.Eng.
Chief Executive Officer

For more information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements that include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. With the exception of statements of historical fact, comments which address resource potential, upcoming work programs, geological interpretations, receipt and security of mining title, availability of funds and others. are forward looking. Forward-looking statements are not guarantees of future performance and actual results may differ materially from such statements. General business conditions are factors that could cause the actual results of forward-looking statements to vary materially.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94097

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